ALEXANDRIA, Va. (1/8/13)--New Covenant Missionary Baptist Church CU, a Milwaukee, Wis., credit union with a tiny membership of 294, has been liquidated by the National Credit Union Administration (NCUA). The credit union held $585,000 in assets.
The NCUA Monday reported that the Wisconsin Office of Credit Unions moved to close the credit union after it determined New Covenant was in an unsafe and unsound condition to transact its business and had no prospect of restoring viable operations. The NCUA was then appointed as liquidating agent.
The credit union was chartered in 1982 and served members of the New Covenant Missionary Baptist Church and related groups.
This was the first liquidation of a federally chartered credit union in 2013. There were 13 federally insured credit union liquidations in 2012.
For the full NCUA release, use the resource link.